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Financial Analysis

Dartmouth Revenue Climbs 32.7% to $2.26 Billion on 48.5% Gift Growth and $212M in Royalties, Backing $199,322 Per-Student Program Spend and Aid for 69% of Students

By Data Team | Published November 5, 2026

Dartmouth College’s total assets rose 8.8% to $13.11 billion in fiscal year 2025, anchored by an $8.96 billion endowment whose $453.33 million annual payout covers 28.0% of the college's $1.62 billion Form 990 operating budget (30% under internal GAAP operating metrics and 32.7% of direct program service expenses), according to its latest IRS filing. That capital base enables Dartmouth to spend $199,322 per student across its direct program services ($1.39 billion across 6,950 undergraduate and graduate students)—including $129,235 per student on regular session education and academic support ($898.19 million), $40,436 on campus life ($281.03 million), and $29,650 on organized research ($206.07 million)—while overall enterprise expenditure including administrative and fundraising overhead reaches $232,919 per student ($1.62 billion).

Dartmouth’s financial profile reflects its teacher-scholar model, pairing an undergraduate-focused liberal arts college with three professional schools (Geisel School of Medicine, Thayer School of Engineering, and Tuck School of Business). While student tuition and fees ($528.85 million) and auxiliary housing and dining ($102.90 million) generate $631.75 million ($90,900 per student), student charges represent 27.9% of Dartmouth's $2.26 billion total revenue. Philanthropic contributions and government grants jumped 48.5% to $661.55 million, realized investment income rose 19.3% to $647.70 million, and intellectual property royalties reached $212.13 million.

Strong non-tuition inflows support high student aid coverage. Dartmouth disbursed $295.20 million in direct student grants and scholarships in FY25—providing $256.57 million in scholarships and tuition remission to 4,209 domestic students on Schedule I (60.6% of total enrollment) and $7.11 million to 605 international students on Schedule F, bringing total scholarship recipients to 4,814 students (69.3% of the student body).

Institutional & Governance Profile

Operating under its formal corporate title, Trustees of Dartmouth College (EIN 02-0222111), the institution is domiciled in Hanover, New Hampshire, under its 1769 Royal Charter. Dartmouth integrates the Faculty of Arts & Sciences and the Guarini School of Graduate and Advanced Studies with the Thayer School of Engineering, the Tuck School of Business, and the Geisel School of Medicine, while collaborating clinically with the separately incorporated Dartmouth-Hitchcock Medical Center in neighboring Lebanon, New Hampshire.

Chicardgo Favicon Institutional Scale and Board Structure

  • •
    Founding & Workforce Scale: Founded in 1769, Dartmouth issued 10,631 Form W-2s in calendar year 2024, filed 2,308 Form 1096 vendor returns, and engaged approximately 11,000 alumni and community volunteers.
  • •
    Academic & Library Footprint: Approximately 1,050 faculty members instruct 6,950 undergraduate and graduate students across Arts & Sciences and four graduate and professional schools, supported by a library system holding 2.2 million printed volumes, 2.0 million e-books, and 455,000 network resources.
  • •
    Executive Leadership: President Sian Beilock leads the administration alongside Provost David Kotz, EVP for Strategy and Special Counsel Jomysha Stephen, Chief Financial Officer Robert Scott Frew, Investment Office CEO Alice Ruth, and Chief Investment Officer Kelsey Morgan.
  • •
    Governing Board & Pecuniary Benefit Oversight (Schedule O): The Board of Trustees comprises 27 voting members, 26 of whom are independent (with the Governor of New Hampshire serving ex-officio). Under the New Hampshire Pecuniary Benefit Law (RSA 7:19-a), related-party investments require a two-thirds disinterested vote by both the Investment Committee and the Audit and Oversight Committee, capped at 10% of any fund, with public notice filed with the State Attorney General.

Top-Line Financials

During FY25 (covering July 1, 2024 through June 30, 2025), Dartmouth recorded $4.40 billion in gross receipts and $2.26 billion in total net revenue, up 32.7% year-over-year. Total assets grew 8.8% to $13.11 billion while net assets rose 9.5% to $11.36 billion, with 69.4% held in donor-restricted funds ($7.88 billion) and 30.6% in unrestricted reserves ($3.48 billion).

Balance Sheet Strength

  • Total Assets $13,111,675,654 (+8.8%)
  • Total Liabilities $1,753,870,477 (+4.6%)
  • Total Net Assets $11,357,805,177 (+9.5%)
  • Donor-Restricted Net Assets $7,882,399,649 (69.4% of Total Net Assets)
  • Unrestricted Net Assets $3,475,405,528 (30.6% of Total Net Assets)

Operating Performance

  • Total Revenue $2,261,775,916 (+32.7%)
  • Total Expenses $1,618,788,716 (+10.3%)
  • Operating Surplus $642,987,200 (+170.5%)
  • Unrealized Gains (Excluded) $371,594,273

Note: The $643.0 million reported operating surplus reflects Form 990 realized revenue and capital gift accounting; adding $371.6 million in net unrealized investment gains and deducting $28.2 million in split-interest and non-investment valuation adjustments accounts for the full $986.4 million expansion in Dartmouth's FY25 net assets.

Revenue Breakdown

Dartmouth’s $2.26 billion revenue base is balanced across three core pillars—Program Service Revenue (31.0%), Contributions and Grants (29.2%), and Investment Income (28.6%)—supplemented by Other Revenue (11.1%). In FY25, contributions and grants surged 48.5% to $661.55 million on strong alumni philanthropy ($516.20 million) and federal research awards ($145.35 million). Realized investment income climbed 19.3% to $647.70 million, while other revenue increased 333.2% to $251.96 million following $212.13 million in technology transfer and patent licensing royalties.

Chicardgo Favicon Primary Revenue Streams

FY25 Revenue Distribution

  • Program Service Revenue +6.4% YoY
    $700,565,519 (31.0%)
    • Tuition & Fees $528,853,018
    • Auxiliary Services (Residential, Dining & Campus Facilities) $102,901,394
    • Medical Related Services (Geisel School of Medicine) $19,915,704
    • Other Education Related & Sponsored Projects $22,732,837
    • All Other Program Service Revenue $26,162,566
  • Contributions & Grants +48.5% YoY
    $661,547,361 (29.2%)
    • Private Philanthropy & Fundraising Events $516,201,275
    • Government Research & Sponsored Grants $145,346,086
    • Noncash Gifts Included Above (819 Stock Gifts, 11 Art Works, Equestrian Equip.) $51,884,150
  • Investment Income +19.3% YoY
    $647,701,896 (28.6%)
    • Realized Net Capital Gains ($2.64B Gross Sales less $2.12B Basis) $517,972,213
    • Dividends, Interest & Other Investment Income $129,729,683
    • Tax-Exempt Bond Proceeds Income $0
  • Other Revenue +333.2% YoY
    $251,961,140 (11.1%)
    • Intellectual Property Royalties ($88.6M Royalty Distributions Expensed on Part IX) $212,134,068
    • Split-Interest Agreements & Miscellaneous Adjustments $34,009,389
    • Net Rental Income ($16.5M Gross Rents less $10.7M Expenses) & Events $5,817,683

Endowment Performance and Asset Allocation

Dartmouth’s Investment Office manages an $8.96 billion endowment alongside operating and split-interest capital, totaling $10.59 billion in balance sheet securities ($8.59 billion in alternative and commingled vehicles reported on Schedule D, Part VII, plus $2.00 billion in publicly traded securities on Part X, Line 11). Private equity and venture capital limited partnerships represent the largest allocation at $3.93 billion (37.1%), followed by publicly traded securities at $2.00 billion (18.9%), hedge funds at $1.84 billion (17.3%), global equity commingled funds at $1.74 billion (16.5%), and real estate and real asset partnerships at $1.04 billion (9.8%).

To execute its global alternative strategy, Dartmouth holds $3.27 billion in foreign-domiciled investments reported on Schedule F—including $3.08 billion in Central America and the Caribbean, $112.4 million in Europe, and $71.6 million in Sub-Saharan Africa—and reported $39.23 million in net unrelated business taxable income on Form 990-T. With $1.29 million in endowment assets per student across 6,950 students, Dartmouth is subject to the federal IRC Section 4968 excise tax on net investment income (Form 990, Part V, Line 16).

Chicardgo Favicon Portfolio Performance & Asset Allocation ($10.59B Total Investment Portfolio / $8.96B Endowment)

Part X & Schedule D, Part VII Allocation

  • •
    Endowment Balance (EOY): $8,959,701,162 (+8.3% YoY across ~6,800 individual funds), representing $1,289,166 per enrolled student across 6,950 students.
  • •
    Net Investment Gains: $849,973,821 in endowment investment earnings (+36.0% YoY from $624.81M in FY24, reflecting a 10.8% annual return).
  • •
    Alternative & Offshore Capital: 81.1% of total securities ($8.59B) sit in private equity/venture capital, hedge funds, commingled global equities, and real assets, with $3.08B domiciled in Central American and Caribbean vehicles.
  • •
    Total Payout & Budget Coverage: $453,332,938 ($351.18M to academic programs, faculty, and facilities; $102.16M to student financial aid), funding 28.0% of Form 990 total expenses (30% of internal GAAP operating budget and 32.7% of direct program service expenses).

Detailed Asset Mix (Balance Sheet Securities Holdings)

Private Equity & Venture Capital
$3.93B (37.1%)
Publicly Traded Securities
$2.00B (18.9%)
Hedge Funds
$1.84B (17.3%)
Global Equity Commingled
$1.74B (16.5%)
Real Estate & Real Assets
$1.04B (9.8%)
Fixed Income Commingled
$37.6M (0.4%)
Other Investments (Plus $228.2M Cash & Temp. Investments on Part X, Lines 1–2)
$184K (<0.1%)

5-Year Endowment History

Schedule D, Part V traces the five-year expansion of Dartmouth’s endowment from a $5.98 billion opening balance in FY21 to $8.96 billion at the close of FY25 (+50.0% cumulative growth). Over that five-year window, the endowment received $870.22 million in donor contributions—nearly doubling year-over-year in FY25 to $289.74 million (+95.5%)—and generated $4.02 billion in net investment earnings. Simultaneously, the endowment distributed $1.90 billion to campus operations ($404.94 million in direct scholarship grants and $1.50 billion in program and facility expenditures). At year-end FY25, the endowment comprised 51.52% term endowment, 26.82% permanent endowment, and 21.66% board-designated quasi-endowment.

FY25 Endowment Waterfall (Schedule D, Part V)

Visualizing the bridge from Beginning of Year (1a) to End of Year (1g) in billions.

5-Year Historical Endowment Balances (Line 1g)

End of year balance progression in billions (FY21 - FY25).

Chicardgo Favicon Schedule D, Part V: Endowment Funds Matrix (5-Year Lookback)
IRS Line Item FY25 (Current) FY24 (Prior) FY23 (2 Yrs Back) FY22 (3 Yrs Back) FY21 (4 Yrs Back)
1a. Beginning of year $8,273,315,722 $7,930,125,010 $8,065,742,787 $8,484,189,450 $5,975,179,828
1b. Contributions $289,744,557 $148,232,655 $149,573,506 $186,387,695 $96,279,098
1c. Net investment earnings $849,973,821 $624,813,426 $110,622,827 ($269,234,227) $2,702,437,338
1d. Grants or scholarships ($102,157,073) ($90,415,777) ($80,255,514) ($68,087,306) ($64,022,187)
1e. Other expenditures ($351,175,865) ($339,439,592) ($315,558,596) ($267,512,825) ($225,684,627)
1f. Administrative expenses $0 $0 $0 $0 $0
1g. End of year balance $8,959,701,162 $8,273,315,722 $7,930,125,010 $8,065,742,787 $8,484,189,450
* Source: IRS Form 990, Schedule D, Part V (Columns a–e). Per Line 2, the FY25 ending balance comprises 51.52% term endowment, 26.82% permanent endowment, and 21.66% board-designated or quasi-endowment across nearly 6,800 individual funds held directly by Dartmouth College (Lines 3a(i)–(ii)).

Per-Student Spending and True Cost

On Form 990 Part III (Line 4e) and Part IX (Column B), Dartmouth reports $1,385,286,037 in direct program service expenses across its 6,950 degree-seeking undergraduate and graduate students, equating to $199,322 per student in direct program spending ($156,524 net per student excluding $297.45 million in financial aid and organizational grants). Within that direct program total, Regular Session Education and Academic Support (Part III, Line 4a) accounts for $898,185,146, or $129,235 per student ($90,184 net of $271.41 million in Line 4a grants), Campus Life (Line 4b) accounts for $281,030,455 ($40,436 per student), and Research and Research Support (Line 4c) accounts for $206,070,436 ($29,650 per student).

By comparison, gross tuition and fee revenue (Part VIII, Line 2a) totals $528,853,018 ($76,094 per student), and combined with $102,901,394 in residential and dining auxiliary revenue (Line 2b) reaches $631,754,412, or $90,900 per student. Student charges cover 45.6% of Dartmouth’s $199,322 per-student direct program service expenditure, leaving a $108,422 per-student annual subsidy bridged by endowment payouts ($453.33 million), sponsored research awards ($221 million awarded in FY25), and alumni gifts. Including $176.11 million in management and general overhead and $57.40 million in fundraising, total institutional expenditure (Part IX, Column A) reaches $1,618,788,716, or $232,919 per student.

Operations vs. Revenue

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    Direct Program Services Spend (Part III, Line 4e & Part IX, Col. B): $1,385,286,037 across 6,950 undergraduate and graduate students ($199,322 per student across all academic, campus life, and research programs; $156,524 net excluding $297.45M in grants).
  • •
    Regular Session Education & Total Institutional Spend (Part III, Line 4a & Part IX, Col. A): $898,185,146 in direct Education & Academic Support ($129,235 per student; $169,671 per student when combined with $281.03M in Campus Life), and $1,618,788,716 in overall institutional spend including overhead and fundraising ($232,919 per student).
  • •
    Tuition & Auxiliary Revenue vs. Program Cost: $528,853,018 in Tuition & Fees ($76,094 per student) plus $102,901,394 in Auxiliary Services ($14,806 per student) totals $631,754,412 ($90,900 per student), covering 45.6% of direct program service expenditure and leaving a $108,422 per-student structural subsidy.
  • •
    Campus Life & Residential Footprint (Part III, Line 4b): $281,030,455 ($40,436 per student) supporting on-campus housing for ~90% of undergraduates, 35 varsity teams, 33 club sports, ~370 student organizations, the Dartmouth Skiway, and Morton Farm.
  • •
    Sponsored Research, Hood Museum & Global Programs (Line 4c, Schedule D & F): $206,070,436 ($29,650 per student) across 50+ research centers and $221M in external sponsored awards, alongside the non-capitalized 65,000-object Hood Museum of Art, 100,000-volume Rauner Special Collections Library, and $25.96M in foreign research, study-abroad, and educational programs on Schedule F.

Financial Aid: How Dartmouth Deploys $295M in Student Support

Dartmouth practices universal need-blind admissions for both domestic and international undergraduates, meeting 100% of demonstrated financial need without student loans. In FY25, Dartmouth disbursed $295,171,377 in total individual grants across domestic and foreign students (Part IX, Lines 2–3), up 11.4% year-over-year, supported by $102.16 million in dedicated endowment scholarship payouts (Schedule D, Part V, Line 1d).

On Form 990 Schedule I (Part III), Dartmouth reports $288,062,375 in grants to domestic students, led by $256,568,396 in scholarships and tuition remission across 4,209 domestic students—representing 60.6% of Dartmouth's 6,950 total student body ($60,957 average scholarship grant). Adding 605 international students who received $7,109,002 in scholarships and tuition remission on Schedule F (Part III) brings total scholarship recipients to 4,814 students, or 69.3% of total enrollment. In addition, Dartmouth funded 1,844 student fellowships ($24.35 million), 1,112 graduate student health insurance subsidies ($3.82 million), 622 paid student internships ($2.55 million), and 737 student achievement prizes ($784,203).

Internal Student Support (Schedule I & F)

  • Aided Student Share (Total Scholarships) 69.3% (4,814 students)
  • Domestic Scholarship Share (Schedule I) 60.6% (4,209 students)
  • Domestic Scholarships & Tuition Remission $256,568,396 ($60,957 avg.)
  • International Student Scholarships (605 Students) $7,109,002 ($11,750 avg.)
  • Total Domestic & Foreign Student Aid $295,171,377

Fellowships, Subsidies & External Grants

  • Fellowships, Internships, Health & Prizes ($31,493,979) Comprises $24,353,503 across 1,844 student fellowships, $3,823,152 in graduate health insurance subsidies (1,112 recipients), $2,548,321 in paid internships (622 recipients), and $784,203 in student prizes (737 recipients).
  • Domestic & Foreign Organizational Grants ($2,274,962) Includes $2,249,962 across 33 domestic 501(c)(3) organizations on Schedule I (led by $742,912 to Advance Transit Inc. and Donor Advised Fund distributions from 66 DAF accounts holding $39.34M) plus $25,000 on Schedule F.

Executive and Investment Team Compensation

Dartmouth’s Schedule J disclosures highlight performance-based compensation within its Investment Office alongside executive leadership across its academic and medical divisions. The college’s highest-compensated employee in CY24 was Investment Office CEO Alice Ruth ($5,113,351, including $1,210,340 in base salary and $3,853,146 in investment performance incentives), followed by President Sian Beilock ($2,108,837), Chief Investment Officer Kelsey Morgan ($2,087,743, including $1,193,093 in bonus incentives), Investment Office Managing Director Michael P. Sullivan ($1,675,709), and Investment Office Managing Director Jessica Jones ($1,341,419).

Among academic and administrative leaders, EVP for Strategy and Special Counsel Jomysha Stephen received $1,117,733, Dartmouth Cancer Center Director Steven Leach earned $1,099,557, Tuck School of Business Dean Matthew Slaughter earned $1,040,449, Provost David Kotz received $967,097, and Geisel School of Medicine Dean Duane Compton received $941,260. Because Dartmouth pays over $1 million in remuneration to covered executives, the college is subject to the federal IRC Section 4960 21% excise tax on excess executive compensation (Form 990, Part V, Line 15).

Payroll Scale and Compensation Governance

  • •
    Total Institutional Payroll: Dartmouth expended $719,492,413 in total salaries, wages, pensions, and benefits in FY25 (+8.5% YoY, representing 44.4% of all college expenses) across 10,631 W-2 employees, with 1,516 staff members earning over $100,000.
  • •
    Board Compensation Governance (Schedule O): The Compensation Subcommittee of the Board's Governance/Nominating Committee reviews external market surveys to approve executive pay, while the President and Investment Committee jointly approve the Investment Office CEO's compensation tied to endowment return targets.
  • •
    Supplemental Retirement, Residence & Charter Travel (Schedule J, Part III): President Beilock received $225,000 under a nonqualified 457(f) supplemental retirement plan and resides in the President's House as a condition of employment (with housekeeping and personal chef services recognized as imputed income). Because Hanover is more than 80 miles from a major commercial airport, the President and accompanying senior officers have access to donor-funded East Coast business charter flights.
Chicardgo Favicon Form 990, Schedule J, Part II: Compensation Breakdown — All 19 Listed Individuals (FY25)
Name & Title (A) Base Comp (B-i) Bonus (B-ii) Other (B-iii) Retirement & Deferred (C) Nontaxable Benefits (D) Total (E) Prior Deferred (F)
Alice RuthChief Executive Officer, Investment Office $1,210,340 $3,853,146 $1,159 $31,050 $17,656 $5,113,351 $0
Sian BeilockPresident and Trustee Ex-Officio $1,315,480 $175,000 $107,253 $256,050 $255,054 $2,108,837 $0
Kelsey MorganChief Investment Officer $842,170 $1,193,093 $1,159 $31,050 $20,271 $2,087,743 $0
Michael P. SullivanManaging Director, Investment Office $550,793 $1,072,301 $1,159 $31,050 $20,406 $1,675,709 $0
Jessica JonesManaging Director, Investment Office $477,362 $811,461 $1,389 $31,050 $20,157 $1,341,419 $0
Jomysha StephenEVP Strategy, Special Counsel & Board Sec. $913,154 $150,000 $902 $31,050 $22,627 $1,117,733 $0
Steven LeachDirector, Dartmouth Cancer Center $995,578 $67,621 $250 $31,050 $5,058 $1,099,557 $0
Michael R. SullivanManaging Director, Investment Office $437,584 $605,654 $1,164 $24,150 $15,604 $1,084,156 $0
Matthew SlaughterDean, Tuck School of Business $994,401 $0 $2,807 $31,050 $12,191 $1,040,449 $0
Robert LasherSr. Vice President for Advancement $848,739 $80,145 $0 $31,050 $8,355 $968,289 $0
David KotzProvost $889,231 $25,000 $1,210 $31,050 $20,606 $967,097 $0
Duane ComptonDean, Geisel School of Medicine $895,626 $0 $126 $31,050 $14,458 $941,260 $0
Philip HanlonFormer President $844,494 $0 $0 $0 $9,610 $854,104 $0
Sandhya IyerGeneral Counsel & Board Secretary $719,164 $0 $23,959 $31,050 $16,859 $791,032 $0
Ann Root KeithChief Advancement Officer $589,240 $100,000 $759 $31,050 $15,826 $736,875 $0
Joshua KenistonSenior VP for Operations $673,551 $25,000 $450 $24,150 $5,867 $729,018 $0
Elizabeth SmithDean of Faculty of Arts & Sciences $631,135 $0 $1,452 $31,050 $5,224 $668,861 $0
Robert Scott FrewChief Financial Officer $578,436 $15,000 $250 $31,050 $15,560 $640,296 $0
Frank RobertsAssociate VP, Facilities Operations & Mgmt $258,622 $0 $600 $22,437 $9,134 $290,793 $0

Facilities, Debt, and Municipal Relations

Dartmouth’s physical campus in Hanover and the surrounding Upper Valley is financed through a combination of capital philanthropy, tax-exempt municipal bonds issued via the New Hampshire Health and Education Facilities Authority (NHHEFA), and taxable institutional notes. In FY25, net land, buildings, and equipment increased 12.2% from $1.36 billion to $1.53 billion ($2.96 billion gross cost less $1.43 billion accumulated depreciation) as the college accelerated residential hall renewals and campus infrastructure upgrades.

Unlike urban universities that rely primarily on voluntary PILOT agreements, Dartmouth’s municipal fiscal footprint combines direct property tax payments—exceeding $9.4 million annually across Hanover and Lebanon, where Dartmouth is Hanover's largest taxpayer at roughly 20% of the municipal tax levy—with targeted Schedule I grants supporting Upper Valley public transit, childcare, and civic services.

Capital Debt & Municipal Engagement

  • •
    Physical Plant & Campus Operations (Schedule D, Part VI): Dartmouth holds $2.96 billion in gross land ($54.85M), buildings ($1.94B), equipment ($486.78M), and other facilities ($472.29M), with a net book value of $1.53 billion, recording $50.29 million in annual occupancy costs and $77.79 million in depreciation.
  • •
    Tax-Exempt Bonds & Institutional Debt (Part X & Schedule K): Dartmouth carries $438.17 million in tax-exempt NHHEFA bond liabilities (across five reported 2007–2017 bond series), $530.00 million in unsecured taxable notes, $13.18 million in secured mortgages, and $49.39 million in interest rate swap liabilities, paying $35.63 million in FY25 interest expense.
  • •
    Schedule I Town-Gown PILOT Payments & Municipal Relations: Alongside paying over $9.4 million in Hanover and Lebanon municipal property taxes ($10.73M in rental property expenses on $16.51M in gross rents, plus $1.80M in real estate subsidiary leases with Seven Lebanon Street Inc. and South Street Downtown Holdings Inc.), Dartmouth disbursed $2.25 million in Schedule I domestic grants—highlighted by $742,912 to Advance Transit Inc. (funding fare-free public bus service across Hanover, Lebanon, and Vermont communities), $100,000 to the Early Care and Education Association in West Lebanon, $100,000 to Women's Information Service (WISE), $49,569 to Tri-Valley Transit, $25,000 to Friends of Lebanon Recreation & Parks, and DAF grants to Upper Valley Haven ($25,000) and the Lebanon Opera House ($10,000).
  • •
    Top Construction Contractors (Part VII, Section B): All five of Dartmouth's highest-compensated independent contractors (among 236 contractors paid over $100,000) were regional construction firms: Consigli Construction Co. ($33.00M), North Branch Construction ($19.42M), R.H. White Construction ($19.41M), Lee Kennedy Co. ($13.41M), and DEW Construction ($10.07M).

Editorial Note

All financial figures in this report derive from Dartmouth College’s FY25 IRS Form 990 (covering July 1, 2024 through June 30, 2025 across approximately 6,950 degree-seeking undergraduate and graduate students) and have been reviewed by the data team.

While Dartmouth expends $199,322 per student on direct program services ($129,235 per student on regular session education and academic support and $232,919 per student in total enterprise expenditure), Chicardgo School does not imply that financial expenditure mathematically causes specific postgraduate earnings or academic outcomes. Rather, these capital resources fund the need-blind undergraduate financial aid, residential house communities, and faculty-to-student ratios that operate alongside Dartmouth’s student selectivity.

Accounting Reconciliation: Readers comparing Dartmouth’s PwC-audited consolidated GAAP financial statements to IRS Form 990 will note three structural accounting differences. First, Form 990 reports $1.62B in total expenses by recording $297.45M in grants ($295.17M in student scholarships, fellowships, and stipends) as a functional operating expense, whereas GAAP financial statements net $258.52M in student scholarships directly against gross tuition and fee revenue (resulting in $249.52M in net GAAP tuition revenue and $1.27B in total GAAP expenses). Second, Form 990 reports $212.13M in gross intellectual property royalties on Part VIII (Line 5) and expenses $88.62M in royalty distributions on Part IX (Line 15), while netting $10.73M in rental property expenses against $16.51M in gross rents on Part VIII (Line 6b). Third, per Schedule R and Schedule D (Part III), Dartmouth's consolidated GAAP statements incorporate controlled 501(c)(2) and 501(c)(25) real estate holding corporations (Seven Lebanon Street Inc., South Street Downtown Holdings Inc., and Foundation for Jewish Life at Dartmouth) and 120 charitable remainder trusts, whereas Dartmouth-Hitchcock Medical Center (EIN 22-2715483) operates as an independent 501(c)(3) health care affiliate; additionally, under ASC 958, Dartmouth does not capitalize its 65,000-object Hood Museum of Art or Rauner Special Collections Library holdings on its balance sheet.

Frequently Asked Questions: Dartmouth's Form 990 Financials

As of Fiscal Year 2025, Dartmouth College's endowment stands at $8.96 billion ($8,959,701,162), up 8.3% year-over-year. Its $453.33 million annual payout ($351.18 million for academic programs and facilities plus $102.16 million for student financial aid) covers 28.0% of the college's $1.62 billion Form 990 operating expenses (roughly 30% under internal GAAP operating budget metrics and 32.7% of direct program service expenses).

Dartmouth spends $199,322 per student annually in direct program services ($1.39 billion across 6,950 undergraduate and graduate students), compared to $90,900 per student generated in baseline tuition, fees, and auxiliary housing and dining ($76,094 in tuition and fees alone). Within program services, regular session education and academic support accounts for $129,235 per student ($898.19 million), campus life accounts for $40,436 per student ($281.03 million), and research accounts for $29,650 per student ($206.07 million). Including administrative overhead ($176.11 million) and fundraising ($57.40 million), total institutional spend is $232,919 per student ($1.62 billion).

Dartmouth disbursed $295.20 million in direct grants and scholarships to students in FY25 ($288.06 million to domestic students on Schedule I and $7.11 million to 605 international students on Schedule F). Across 6,950 enrolled students, 4,209 domestic students (60.6%) received scholarship or tuition remission grants averaging $60,957, and 4,814 total domestic and international students (69.3% of the student body) received scholarship assistance, alongside 1,844 fellowship recipients ($24.35 million) and 1,112 graduate health insurance subsidy recipients ($3.82 million).

The highest-paid employee is Alice Ruth, Chief Executive Officer of the Investment Office, who received $5,113,351 in total compensation in CY24 ($1,210,340 base salary and $3,853,146 performance bonus), followed by President Sian Beilock ($2,108,837) and Chief Investment Officer Kelsey Morgan ($2,087,743).

Yes. Because Dartmouth is a private college with more than 500 tuition-paying students and holds $1.29 million in endowment assets per student across approximately 6,950 students (exceeding the $500,000 federal statutory threshold), it answered "Yes" on Form 990 Part V, Line 16 confirming it is subject to the IRC Section 4968 excise tax on net investment income.

Dartmouth College's total assets reached $13.11 billion ($13,111,675,654) in Fiscal Year 2025, anchored by $10.59 billion in balance sheet securities ($2.00 billion publicly traded and $8.59 billion in alternative and commingled funds), $1.53 billion in net land, buildings, and equipment, and $416.83 million in net pledges and grants receivable.

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Data Analysis

June 16, 2026

UPenn Leads Asian Expansion, Columbia and Harvard Gain Hispanic/African Demographics in Ivy League Undergraduate Realignment

Analysis of certificate-seeking undergraduate student demographics across the Ivy League from 2020 to 2024

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